Poringland leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher premium will be due. Leasehold owners in Poringland will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In some situations you may not be entitled. There are also strict deadlines and formalities to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Poringland with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
The conveyancers that we work with handle Poringland lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Trailing protracted correspondence with the landlord of her one bedroom apartment in Poringland, Alice started the lease extension process just as her lease was approaching the crucial 80-year threshold. The lease extension was concluded in August 2010. The landlord’s charges were restricted to about 700 pounds.
Mr and Mrs. B Petit completed a studio apartment in Poringland in September 2007. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparable flats in Poringland with a long lease were valued about £191,000. The mid-range ground rent payable was £65 collected every twelve months. The lease finished in 2084. Having 58 years outstanding we approximated the premium to the freeholder for the lease extension to be between £23,800 and £27,400 exclusive of fees.
Mr and Mrs. W García moved into a studio apartment in Poringland in March 1997. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable homes in Poringland with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected monthly. The lease concluded in 2095. Considering the 69 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.